Shareholders of troubled life reinsurance specialist Scottish Re have voted in favour of a $600 million takeover bid, the company announced after an extraordinary general meeting at the Fairmont Hamilton Princess this morning.

Mass Mutual Capital Partners and Cerberus will each invest $300 million into the Bermuda-based company and gain a controlling voting equity interest.

The move required a two thirds vote in favour and chief executive officer Paul Goldean yesterday told the meeting that those holding just over 69 percent of company shares had given their approval by proxy.

Last week, the company announced a full-year net loss of $368.3 million in 2006. Mr. Goldean had warned shareholders that rejection of the take-over could have led to the company filing for bankruptcy.

Pending regulatory approval, the transaction is expected to close in early second quarter of this year.